says a robust regional and International Cooperation are key driver’s to combat money laundering, terrorist financing, and other financial crimes across west Africa.He made the disclosure at the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) 2024 West Africa Compliance Summit in Monrovia.
According to Cllr. Tweh, all participants who are part of the ongoing forum should collaborate stronger and form a robust integrated front against financial crimes in West Africa and the world in order to address the current challenges.
He stressed that such cooperation is crucial for protecting the economies and societies of all nations who are part of the regional body of Inter-Government Action Group against Money Laundering in West Africa (GIABA).
The three days summit, runs from July 22 to July 25 under the theme “Emerging Risks and Changes to Financial Action Task Force Standards-Implications for the Private Sector at the Ellen Johnson Sirleaf Ministerial complex oldest Congo Town.
The summit also aims to address new threats and updates to Financial Action Task Force (FATF) standards and methodology. Which brought together over 150 participants, including financial institution Chief Compliance Officers, heads of Financial Intelligence Units (FIUs), and other stakeholders from West Africa and Europe.
The summit provides a platform for participants to exchange insights, develop compliance strategies, and explore challenges and opportunities within the AML/CFT framework while seeking to bolster capacities in addressing evolving risks and aligning compliance frameworks with updated FATF standards.
Participants at the ongoing forum highlight various topics for discussion including evolving FATF standards, AML/CFT compliance landscapes in West Africa, and strategies for enhancing regulatory mechanisms.
The GIABA 2024 West Africa Compliance Summit serves as a platform for strategic collaboration and dialogue among diverse stakeholders.
By fostering cooperation and enhancing AML/CFT measures, the summit aims to strengthen the region’s financial security and mitigate risks associated with money laundering and terrorist financing.
